Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Banque Misr Rings 104th Foundation Day

Tue 07 May 2024 | 12:32 PM
Banque Misr
Banque Misr
Ahmed Emam

On this day, Banque Misr was founded by economist Talaat Harb in 1920 by the economist Mohamed Talaat Harb Pasha.

The bank was created with a mission to invest national savings and direct them towards economic and social growth, eventually becoming the Bank of Egypt.

Establishing a national Egyptian bank had been a dream for many people since the days of Mohammad Ali Pasha, but due to a dispute between the Egyptian National Assembly and the Khedive, it never became a reality.

However, the idea was reintroduced in 1919 by a law student named Mohammad Badawi Al-Bili, who wrote an article in the Al-Ahram newspaper. This sparked a press campaign that involved students, writers, and journalists, ultimately leading to the establishment of Banque Misr in April 1920.

The bank was established as a joint-stock company with all Egyptian shareholders and went on to establish 26 companies in various economic fields, as well as two of the largest investment funds in Egypt from 1920 to 1960.

Among the most important subsidiaries of the Bank of Egypt are Egypt Air Company, Misr Insurance Company, Misr Spinning and Weaving Company, Misr Land Transport, Misr River Transport, Misr Chemicals Manufacturing Company, Misr Tobacco and Cigarettes Company, Misr Dairy and Nutrition, Misr Chemicals, and Misr Insurance.